Discover the Sofia-K: Ratings & Maritime News

Concordia Maritime has officially entered into a time charter agreement for its notable P-MAX tanker, the STENA PARIS. This contract guarantees one year of service, with an extension option for an additional year, spanning from July 2017 to July 2018. The esteemed contractual partner is recognized as one of the largest entities in the global oil and gas sector. The STENA PARIS has been delivering reliable transportation of refined petroleum products for this client since 2013, primarily focusing on routes within the Asia Pacific region. Kim Ullman, CEO of Concordia Maritime, expressed his satisfaction with the renewal, stating, “It is very pleasing to be given this renewal of confidence. With the arrangement, we create benefits for both parties. Our customer has a specific transport need for which the large load capacity of the P-MAX concept is well suited. For our part, the contract means securing employment for the vessel for a further year at a fixed rate.” Ullman further emphasized that this aligns with their strategy of concentrating on niche trades where the specialized attributes of P-MAX vessels can be fully utilized. Given the current challenging market landscape, he noted, “We are pleased with the level of the contract.”

Concordia Maritime has successfully renewed its contract with a prominent international oil and gas firm, securing a deal that spans 12 months for two of its vessels. Additionally, the agreement encompasses an extra vessel for a six-month term. This renewal pertains specifically to three of Concordia's P-MAX vessels: STENA PARIS, STENA PROVENCE, and STENA POLARIS. Kim Ullman, CEO of Concordia Maritime, expressed his satisfaction, stating, "It's obviously very positive to achieve the renewed confidence of this customer, which has specific transport requirements that suits the high cargo capacity of our P-MAX vessels, resulting in a lower actual cost per unit. The contract aligns perfectly with our strategy to direct employment towards niche trades that fully leverage the unique attributes of the P-MAX fleet." Looking ahead to the upcoming quarter, Ullman noted, "As previously anticipated, we are beginning to witness a seasonal slowdown in the latter half of the third quarter. Although this follows a period of high activity, we do not expect the decline to be as severe or prolonged as in previous years. Thus, our overarching market outlook for the fourth quarter remains positive."

On August 6, 2014, a courageous rescue mission unfolded near the Cook Islands as the 'Stena Paris' came to the aid of two elderly Swedish sailors stranded on their dismasted yacht, 'Blue Horizon.' The Rescue Coordination Centre New Zealand (RCCNZ) received a beacon alert from the couple's yacht on August 5 at approximately 5:15 p.m. The 69-year-old woman and her 70-year-old partner were in distress, fearing that the broken mast of their vessel could puncture the hull. An aircraft dispatched from the Maritime Rescue Coordination Centre in Pape'ete, Tahiti, flew over the scene and confirmed that the nearest vessel able to render assistance was the 'Stena Paris.' Without hesitation, the tanker altered its course to provide aid. The couple was safely rescued by the crew of the 'Stena Paris' around 9 a.m., emerging from the ordeal uninjured despite the challenging weather, which featured swells reaching four meters. The master and crew of the tanker demonstrated remarkable skill during the operation. Following the successful rescue, the 'Stena Paris' resumed its journey to Pape'ete, while the yacht was left abandoned, with navigation warnings issued for the area.